Medtronic (MDT) Operating Margin (2014 - 2026)

Medtronic (MDT) posted Operating Margin of 19.1% for Q2 2026, up 17.63% sequentially from 16.24% in Q1 2026, and up 301.0% YoY from 4.76% in Q2 2025.

Medtronic (MDT) Operating Margin (2014 - 2026) Analysis & Trends

Medtronic has reported Operating Margin for 13 years, with the latest figure at 19.1% in Q2 2026.

Quarterly Operating Margin rose 301.0% year-over-year to 19.1% in Q2 2026, while the trailing twelve-month figure through Apr 2026 was 17.79% (up 3.0% YoY) and the FY2026 annual result came in at 17.78%, up 3.0% from the prior year.
Operating Margin climbed to 19.1% in Q2 2026 per MDT's latest filing, from 16.24% in the prior quarter.
Over five years, Operating Margin peaked at 21.37% in Q1 2022 and troughed at 12.26% in Q2 2024.
A 5-year average of 17.67% and a median of 18.16% in 2023 frame the typical range for Operating Margin.
The sharpest annual moves came in 2022 and 2024: Operating Margin soared 495 bps in 2022, then tumbled 605 bps in 2024.
Over 5 years, Operating Margin stood at 18.51% in 2022, then fell by 9 bps to 16.78% in 2023, then gained by 13 bps to 18.98% in 2024, then decreased by 1 bps to 18.81% in 2025, then increased by 2 bps to 19.1% in 2026.
According to Business Quant data, Operating Margin over the past three periods registered 19.1%, 16.24%, and 18.81% for Q2 2026, Q1 2026, and Q4 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Operating Margin (Qtr)
1	Abbott Laboratories	198.70 Bn	193.10 Bn	7.27 Bn	13.44%
2	Stryker	125.85 Bn	122.37 Bn	4.50 Bn	25.18%
3	Medtronic	118.44 Bn	109.22 Bn	6.41 Bn	19.10%
4	Boston Scientific	72.64 Bn	72.10 Bn	3.85 Bn	21.65%
5	Edwards Lifesciences	51.94 Bn	47.69 Bn	1.35 Bn	29.48%
6	Dexcom	34.48 Bn	32.53 Bn	830.00 Mn	24.33%
7	GE HealthCare Technologies	33.60 Bn	31.49 Bn	2.18 Bn	13.96%
8	Koninklijke Philips	26.30 Bn	22.98 Bn	4.55 Bn	10.30%
9	Steris	23.00 Bn	22.52 Bn	684.20 Mn	19.15%
10	Zimmer Biomet Holdings	19.04 Bn	18.63 Bn	1.54 Bn	14.98%

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